BAS Group acquires Zuvy to expand invoice finance in Nigeria

BAS Group, a Nigerian investment company with a keen interest in underpenetrated markets, has taken a significant strategic step by acquiring a controlling stake in Zuvy Technologies, a Lagos-based startup focused on invoice financing. The acquisition, finalised through a cash deal, gives BAS Group over 50 per cent ownership and full operational control of Zuvy. With this move, BAS aims to deepen its involvement in Nigeria’s highly fragmented SME lending sector.

Zuvy’s co-founders, Angel Onuoha and Ahmad Shehu, have exited daily operations and now hold only minority stakes, alongside the departure of all institutional investors. The startup is being integrated into BAS’s broader financial services portfolio, bringing with it an innovative lending model that uses verified invoices instead of traditional collateral. This model is seen as a key solution to Nigeria’s massive US$236bn credit gap that continues to hinder small business development.

The CEO and founder of BAS Group, Abdulateef Hussein, positioned the acquisition as a seamless expansion of their finance operations. He emphasized that Zuvy will function as an added product line within BAS’s lending offerings. Zuvy’s strength lies in its network of credible vendors and partnerships with major corporations like Dangote, Rite Foods, and Eat n’ Go, allowing it to offer 60- to 90-day loans backed by corporate-verified invoices.

Initially, Zuvy operated as a direct lender but faced challenges in scalability due to its dependency on external fundraising. This led the startup to pivot to a loan origination model, enabling collaboration with external financiers. The shift paid off, allowing the company to grow its loan portfolio tenfold. Despite this growth and profitability, the co-founders chose to step away in March 2025 to pursue a new venture, Avelis Health, which addresses inefficiencies in the US medical billing system. Their new company has already been accepted into Y Combinator’s Summer 2025 cohort.

BAS, meanwhile, continues to evolve. The company launched BAS Finance Company in 2025, introducing various loan products, including payroll-based and vehicle-backed loans. However, many SMEs still found themselves excluded from conventional financing. Zuvy’s integration addresses this gap, offering credit to businesses that may lack traditional collateral but have reliable invoice histories.

The integration of Zuvy’s technology platform is expected to significantly scale BAS’s NGN 1.5bn (US$0.97m) loan book. The transition is being overseen by Kayode Adnan, BAS Group’s Chief Operating Officer, with assurances that Zuvy’s existing product and development teams will remain intact.

This acquisition aligns with BAS Group’s overarching vision to create an interconnected suite of financial services. Alongside its holdings in microfinance and microinsurance (ALLYCare and ALLY Microinsurance), the group is building a bundled ecosystem that combines banking, health coverage, and invoice-based lending.

According to BAS, much of the necessary infrastructure is already in place. The group plans to channel repayments through the Zuvy platform and leverage its capital and institutional networks to accelerate growth.